Telehandler Market Rising to US$ 11,822.81 Million Valuation by 2034: Emphasis on Enhanced Safety Features Stimulates Industry Growth | Future Market Insights, Inc.
The United States is poised to witness a surge in demand for telehandlers, with a projected compound annual growth rate (CAGR) of 5.10% expected through 2034. This growth trajectory is further fueled by significant governmental initiatives, such as the introduction of a US$ 1 trillion infrastructure bill in November 2023, which has sparked the launch of 40,000 projects across the country.
NEWARK, Del, April 17, 2024 (GLOBE NEWSWIRE) -- The telehandler market is anticipated to surpass *US$ 6,664.40 million* in 2024 and a valuation of *US$ 11,822.81 million* by 2034. The telehandler market size is projected to expand at an impressive *CAGR of 5.90%* from 2024 to 2034.Safety is crucial in the telehandler industry, where operators commonly work in hazardous conditions with big loads and high altitudes. Manufacturers are constantly developing and integrating advanced safety measures to reduce hazards and enhance operator protection. The implementation of stability control, load management, and collision avoidance technologies can improve stability and avert mishaps. Safety is further enhanced by improved operator visibility made possible by features like cameras and sensors, which lower the risk of accidents and injuries. In addition to protecting drivers and bystanders, these safety improvements also help businesses reduce their liability and comply with regulations.
Telehandler customization and specialty attachments are on the rise, which aligns with the varied requirements of various applications and sectors. A vast array of attachments, including jibs, winches, work platforms, and adjustable forks, are provided by telehandler manufacturers to fulfill specific needs and increase the capabilities of their machines. Customization enables companies in the construction, agricultural, warehousing, and other industries to maximize telehandler performance for their specific requirements. In addition to increasing operational effectiveness, this trend encourages manufacturer innovation and differentiation to meet a wider range of client demands and preferences.
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*Key Takeaways from the Telehandler Market Report*
· The global telehandler market size expanded at a 2.00% CAGR from 2019 to 2023.
· The 30’ to 60’ segment holds 47% of market shares in 2024.
· The 3 to 6 ton segment captured 46.20% of market shares in 2024.
· The market size in the United States is projected to rise at a 5.10% CAGR through 2034.
· The market size in Germany is anticipated to develop at a 4.50% CAGR through 2034.
· The market size in Japan is estimated to surge at a 5.60% CAGR through 2034.
· The market size in India is expected to increase at a 5.60% CAGR through 2034.
*“The telehandler industry is expanding rapidly, propelled by the expansion of infrastructure and the growing urban population. Manufacturers need to prioritize safety compliance, innovation, and strategic alliances if they want to stay competitive. Using eCommerce platforms can help businesses reach a wider audience. The changing telehandler market landscape requires agility and teamwork to navigate,” *Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
*Competitive Landscape*
Telehandler market competition is typified by fierce rivalry between prominent companies vying for market share via technological innovation, creative product development, and tactical alliances. Market leaders with global distribution networks, robust brand awareness, and vast product ranges include JCB, Caterpillar, and Manitou Group. These businesses use their established clientele and market presence to stay ahead of the competition while gaining market share.
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*Recent Developments*
· In November 2023, Wacker Neuson introduced a new little electric telehandler. The new TH412e telehandler is small and suitable for restricted places.
· In September 2023, JCB unveiled the new 525-60E electric small telehandler, which is a part of their entirely electric e-tech line.
· In November 2023, Merlo UK introduced its electric telehandler at the Agritechnica 2023 in Hannover, Germany.*Market Opportunities*
Manufacturers have an opportunity to tap into developing regions across Asia Pacific, the Middle East & Africa, and Latin America, where rapid urbanization, industrialization, and infrastructural growth promise substantial revenue growth potential.
By customizing telehandlers to address the distinct needs of renewable energy projects, manufacturers can further enhance their market presence and capitalize on emerging opportunities.
Moreover, by offering telehandlers equipped with specialized attachments and features tailored to agricultural applications, manufacturers can establish a strong foothold in the agricultural sector.
The expansion of e-commerce and the growing demand for streamlined warehouse operations present a lucrative avenue for logistics operations, providing manufacturers with the chance to expand their offerings and meet evolving industry needs.
*Key Players*
· JCB (J.C. Bamford Excavators Ltd.)
· Caterpillar Inc.
· Manitou Group
· Terex Corporation
· Merlo S.p.A.
· Genie (Terex Corporation)
· Haulotte Group
· Bobcat Company (Doosan Group)
· Liebherr Group
· Komatsu Ltd.
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*Market Segmentation*
By Maximum Lift Height:
· Up to 30’
· 30’ to 60’
· More than 60’By Ownership:
· Rental Services
· End-use Industries
· Construction
· Agricultural Aftermarket
By Region:
· North America
· Latin America
· Western Europe
· Eastern Europe
· Asia Pacific (APAC)
· Middle East & Africa (MEA)
· Japan
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